Agree in part, severe global recession or worse will not be...

Agree in part, severe global recession or worse will not be known until after the event is finished. The GD1 lasted until post WWII with reconstruction. On the macro level we are a small to mid economy dependent on exports so any reduction in global trade volumes will affect us materially, especially if as predicted the USA will enter a deep recession. Not as sanguine on the rapidly depreciating AUD, can have debilitating side impacts, eg assumes banana republic type status and its benefits for exports are grossly overstated - look at the open panic and emergency measure in the UK. Re China, serious questions remain as to its financial stability.